Erez Law is currently investigating former First Allied Advisory Services, Inc. broker Kimberly Barentsen (CRD# 2092280) regarding unsuitable investment recommendations. NAME has been registered with NPB Financial Group, LLC in Walnut Creek, California since 2019 and with Barentsen Advisory Services, LLC in Walnut Creek, California since 2016. Previously, Kimberly Barentsen was registered with First Allied Advisory Services, Inc. in Walnut Creek, California from 2011 to 2019, when he was terminated regarding, “Representative did not comply with the firm’s policies by not timely and accurately disclosing the extent of the services offered by Representative through her registered investment adviser firm.”
In September 2020, FINRA sanctioned Kimberly Barentsen to pay a $5,000 civil and administrative penalty and fine and suspended him for two months after he “consented to the sanctions and to the entry of findings that she exceeded the scope of her approved outside investment advisory business by charging asset-management fees. The findings stated that Barentsen created her own registered investment adviser of which she was the sole owner and employee. In seeking approval for this outside business, Barentsen told her member firm in an email and in a disclosure questionnaire that her advisory business would only charge hourly fees and fixed one-time financial planning fees. The firm approved her outside business based on these representations. Barentsen began offering a new service to her advisory clients where she would charge an annual 1.5 percent asset-management fee for managing variable annuity subaccounts. She did not disclose this new service or the associated fees to the firm. The findings also stated that Barentsen made inaccurate statements in her annual compliance questionnaires to the firm. In response to questions asking whether her advisory business had assets under management and if she was compensated through a percentage of the assets under management, Barentsen incorrectly stated that she did not manage assets and only charged hourly fees.”
Kimberly Barentsen Accused of Unsuitable Investment Recommendations
Kimberly Barentsen has been the subject of one customer complaint, according to her CRD report:
June 2021. “Various dates from 2016 – 2019. The claimant alleges unsuitable variable annuities, Mutual funds and alternative investment recommendations.” The case is currently pending. The complaint was regarding real estate investments and it took place while Kimberly Barentsen was registered with First Allied Advisory Services, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, First Allied Advisory Services, Inc. may be liable for investment or other losses suffered by Kimberly Barentsen’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.